Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Entity Registrant Name | CYBEROPTICS CORP | |
Entity Central Index Key | 768,411 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,730,657 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 3,819 | $ 5,171 |
Marketable securities | 5,249 | 5,285 |
Accounts receivable, less allowance for doubtful accounts of $562 at June 30, 2015 and $561 at December 31, 2014 | 7,826 | 7,945 |
Inventories | 12,814 | 11,657 |
Other current assets | 1,519 | 1,202 |
Deferred tax assets | 82 | 82 |
Total current assets | 31,309 | 31,342 |
Marketable securities, long-term | 8,695 | 9,889 |
Equipment and leasehold improvements, net | 2,587 | 2,918 |
Intangible assets, net | 584 | 642 |
Goodwill | 1,366 | 1,366 |
Other assets | 185 | 188 |
Deferred tax assets | 47 | 67 |
Total assets | 44,773 | 46,412 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 4,609 | 4,713 |
Advance customer payments | 518 | 490 |
Accrued expenses | 2,590 | 3,201 |
Total current liabilities | 7,717 | 8,404 |
Deferred rent | 277 | 285 |
Deferred warranty revenue | 15 | 26 |
Deferred tax liability | 134 | 119 |
Reserve for income taxes | 140 | 140 |
Total liabilities | $ 8,283 | $ 8,974 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, no par value, 5,000,000 shares authorized, none outstanding | $ 0 | $ 0 |
Common stock, no par value, 25,000,000 shares authorized, 6,694,866 shares issued and outstanding at June 30, 2015 and 6,643,851 shares issued and outstanding at December 31, 2014 | 30,715 | 30,145 |
Accumulated other comprehensive loss | (1,247) | (1,271) |
Retained earnings | 7,022 | 8,564 |
Total stockholders’ equity | 36,490 | 37,438 |
Total liabilities and stockholders’ equity | $ 44,773 | $ 46,412 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 562 | $ 561 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 6,694,866 | 6,643,851 |
Common stock, shares outstanding | 6,694,866 | 6,643,851 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | $ 10,254 | $ 13,263 | $ 19,799 | $ 23,098 |
Cost of revenues | 5,685 | 7,396 | 10,669 | 12,663 |
Gross margin | 4,569 | 5,867 | 9,130 | 10,435 |
Research and development expenses | 1,913 | 2,396 | 3,902 | 4,403 |
Selling, general and administrative expenses | 3,295 | 3,730 | 6,676 | 7,009 |
Amortization of intangibles | 16 | 16 | 33 | 20 |
Loss from operations | (655) | (275) | (1,481) | (997) |
Interest income and other | (86) | (27) | (21) | (73) |
Loss before income taxes | (741) | (302) | (1,502) | (1,070) |
Income tax provision | 20 | 13 | 40 | 54 |
Net income (loss) | $ (761) | $ (315) | $ (1,542) | $ (1,124) |
Net loss per share – Basic (in usd per share) | $ (0.11) | $ (0.05) | $ (0.23) | $ (0.17) |
Net loss per share – Diluted (in usd per share) | $ (0.11) | $ (0.05) | $ (0.23) | $ (0.17) |
Weighted average shares outstanding – Basic (in shares) | 6,688 | 6,547 | 6,682 | 6,527 |
Weighted average shares outstanding – Diluted (in shares) | 6,688 | 6,547 | 6,682 | 6,527 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (761) | $ (315) | $ (1,542) | $ (1,124) |
Other comprehensive income (loss), before tax: | ||||
Foreign currency translation adjustments | 215 | 87 | (171) | 167 |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized gains (losses) | (25) | 13 | (6) | 12 |
Reclassification adjustment | 0 | 0 | 0 | 0 |
Total unrealized gains (losses) on available-for-sale securities | (25) | 13 | (6) | 12 |
Unrealized gains (losses) on foreign exchange forward contracts: | ||||
Unrealized gains (losses) | 123 | 55 | (105) | 71 |
Reclassification adjustment for (gains) losses included in net loss | 124 | (5) | 306 | 32 |
Total unrealized gains on foreign exchange forward contracts | 247 | 50 | 201 | 103 |
Other comprehensive income, before tax | 437 | 150 | 24 | 282 |
Income tax provision related to items of other comprehensive income | 0 | 0 | 0 | 0 |
Other comprehensive income, net of tax | 437 | 150 | 24 | 282 |
Total comprehensive loss | $ (324) | $ (165) | $ (1,518) | $ (842) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,542) | $ (1,124) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 959 | 858 |
Provision for doubtful accounts | 2 | 32 |
Deferred taxes | 35 | 28 |
Foreign currency transaction (gains) losses | (62) | 12 |
Stock compensation costs | 276 | 261 |
Changes in operating assets and liabilities, net of acquisition: | ||
Accounts receivable | 117 | (3,429) |
Inventories | (1,567) | (968) |
Other assets | (323) | (254) |
Accounts payable | (83) | 3,885 |
Advance customer payments | 28 | (326) |
Accrued expenses | (402) | 89 |
Net cash used in operating activities | (2,562) | (936) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from maturities of available-for-sale marketable securities | 2,698 | 3,292 |
Proceeds from sales of available-for-sale marketable securities | 716 | 3,154 |
Purchases of available-for-sale marketable securities | (2,194) | (3,693) |
Acquisition of Laser Design, Inc. (LDI) | 0 | (3,108) |
Additions to equipment and leasehold improvements | (266) | (392) |
Additions to patents | (32) | (46) |
Net cash provided by (used in) investing activities | 922 | (793) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 294 | 298 |
Net cash provided by financing activities | 294 | 298 |
Effects of exchange rate changes on cash and cash equivalents | (6) | 96 |
Net decrease in cash and cash equivalents | (1,352) | (1,335) |
Cash and cash equivalents – beginning of period | 5,171 | 3,101 |
Cash and cash equivalents – end of period | $ 3,819 | $ 1,766 |
Interim Reporting
Interim Reporting | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Interim Reporting | INTERIM REPORTING: The interim condensed consolidated financial statements presented herein as of June 30, 2015 , and for the three and six month periods ended June 30, 2015 and 2014 , are unaudited, but in the opinion of management, include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position, results of operations and cash flows for the periods presented. The results of operations for the three and six month periods ended June 30, 2015 do not necessarily indicate the results to be expected for the full year. The December 31, 2014 consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These unaudited interim condensed consolidated financial statements should be read in conjunction with our consolidated financial statements and notes thereto, contained in our Annual Report on Form 10-K for the year ended December 31, 2014 . |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Acquisition | ACQUISITION: On March 14, 2014 we acquired substantially all of the assets of Laser Design, Inc. (LDI), a privately held company based in Minneapolis, Minnesota for aggregate consideration of $2,633,000 in cash plus the assumption of certain current liabilities of $1,073,000 . We also paid aggregate signing bonuses of $475,000 to key executives of LDI which have been accounted for as acquisition consideration. LDI provides scanning systems and services to the global 3D scanner and services metrology market and enables us to enter the growing market for general purpose 3D metrology. We also intend to leverage our proprietary 3D sensor technology in LDI’s products to enable differentiated offerings. Under the acquisition method of accounting, the total purchase price is allocated to the net tangible and intangible assets acquired, based upon their estimated fair values as of March 14, 2014. During the three months ended June 30, 2014, we completed our valuation work and management review of the assets acquired and liabilities assumed and finalized the purchase price adjustment for the net working capital acquired. Adjustments to provisional amounts reflected in our preliminary purchase price allocation as of March 31, 2014 included a $24,000 decrease in intangible assets and a $46,000 increase in goodwill, among other adjustments. These measurement period adjustments require the revision of comparative financial information for the quarter ended March 31, 2014. The adjustment to intangible assets decreased amortization expense in the three months ended March 31, 2014 by less than $300 . None of the other adjustments to the provisional amounts had any impact on our results of operations for the first quarter of 2014. The purchase price allocation for our acquisition of LDI is as follows: (In thousands) Accounts receivable $ 662 Inventories 551 Equipment and leasehold improvements 1,507 Other assets 91 Intangible assets 573 Identifiable assets acquired 3,384 Accounts payable 640 Accrued expenses and advance customer payments 433 Liabilities assumed 1,073 Net identifiable assets acquired 2,311 Goodwill 797 Purchase price $ 3,108 The allocation of the purchase price resulted in recognition of the following identified intangible assets: (In thousands) Weighted Average Life-Years Software $ 206 7 Patent 165 7 Marketing assets and customer relationships 101 9 Non-compete agreements 101 4 $ 573 7 The fair value of the above identified intangible assets was estimated using an income approach. Under the income approach, an intangible asset’s fair value is equal to the present value of future economic benefits to be derived from ownership of the asset. Indications of value are developed by discounting future net cash flows to their present value at market-based rates of return. The software, patent and marketing intangible assets have been appraised using a relief from royalty income methodology; the non-competes using a “with and without” income methodology; and, customer relationships using a multi period excess earnings methodology. The goodwill recognized as a result of the LDI acquisition is primarily attributable to the value of the workforce, as well as unidentifiable intangible assets. We paid a premium over the net tangible and identifiable intangible assets acquired (i.e. goodwill) because owning LDI enables us to have initial access to the general purpose 3D metrology market and allows us to leverage our proprietary 3D sensor technology in LDI’s products. All of the goodwill is expected to be deductible for income tax purposes over a 15 year period. The useful life of the intangible assets was determined based on management’s best estimate of the expected cash flows used to measure the fair value of the intangible assets, adjusted as appropriate for entity-specific factors, including competitive, economic or other factors that may limit the useful life of the intangible assets. In the three months ended June 30, 2015 , LDI contributed $1,705,000 to our revenue and $ 112,000 to our net loss. In the three months ended June 30, 2014 , LDI contributed $1,659,000 to our revenue and $135,000 to our net loss. In the six months ended June 30, 2015 , LDI contributed $2,946,000 to our revenue and $384,000 to our net loss. In the six months ended June 30, 2014 , LDI contributed $2,176,000 to our revenue and $226,000 to our net loss. The following unaudited pro forma consolidated financial information presents our revenue and net loss as if the acquisition of LDI occurred on January 1, 2014. The unaudited pro forma consolidated financial information has been prepared for illustrative purposes only and does not purport to be indicative of the results that would have been achieved had the acquisition occurred on January 1, 2014, or of future results. The unaudited pro forma consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from integration of LDI. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2015 2014 2015 2014 Revenue $ 10,254 $ 13,263 $ 19,799 $ 24,478 Net loss (761 ) (291 ) (1,542 ) (929 ) Basic and diluted loss per share $ (0.11 ) $ (0.04 ) $ (0.23 ) $ (0.14 ) We incurred approximately $117,000 in LDI related acquisition costs. Approximately $47,000 of these costs are recorded as selling, general and administrative expenses in the first quarter of 2014, with the remaining balance recorded as selling, general and administrative expense in 2013. The pro forma consolidated net loss for the three and six months ended June 30, 2014 reflected in the table above was adjusted to exclude all acquisition related costs and the impact of the fair value adjustment to acquisition date inventories of $222,000 . |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Marketable Securities | MARKETABLE SECURITIES: Our investments in marketable securities are classified as available-for-sale and consist of the following: June 30, 2015 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,718 $ 4 $ — $ 3,722 Corporate debt securities and certificates of deposit 1,526 1 — 1,527 Marketable securities – short-term $ 5,244 $ 5 $ — $ 5,249 Long-Term U.S. government and agency obligations $ 5,605 $ 16 $ (1 ) $ 5,620 Corporate debt securities and certificates of deposit 1,742 4 — 1,746 Asset backed securities 1,250 1 (1 ) 1,250 Equity security 42 37 — 79 Marketable securities – long-term $ 8,639 $ 58 $ (2 ) $ 8,695 December 31, 2014 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,378 $ 2 $ — $ 3,380 Corporate debt securities and certificates of deposit 1,903 2 — 1,905 Marketable securities – short-term $ 5,281 $ 4 $ — $ 5,285 Long-Term U.S. government and agency obligations $ 5,761 $ 3 $ (5 ) $ 5,759 Corporate debt securities and certificates of deposit 1,867 1 (1 ) 1,867 Asset backed securities 2,156 1 (1 ) 2,156 Equity security 42 65 — 107 Marketable securities – long-term $ 9,826 $ 70 $ (7 ) $ 9,889 Our investments in marketable debt securities all have maturities of less than five years. At June 30, 2015 , marketable debt securities valued at $12,539,000 were in an unrealized gain position totaling $26,000 and marketable debt securities valued at $1,326,000 were in an unrealized loss position totaling $2,000 (all had been in an unrealized loss position for less than 12 months). At December 31, 2014 , marketable debt securities valued at $9,287,000 were in an unrealized gain position totaling $9,000 and marketable debt securities valued at $5,780,000 were in an unrealized loss position totaling $7,000 (all had been in an unrealized loss position for less than 12 months). Net pre-tax unrealized gains for marketable securities of $61,000 at June 30, 2015 and $67,000 at December 31, 2014 were recorded as a component of accumulated other comprehensive loss in stockholders’ equity. We received proceeds from the sale of marketable securities of $300,000 in the three months ended June 30, 2015 , $154,000 in the three months ended June 30, 2014 , $716,000 in the six months ended June 30, 2015 and $3,154,000 in the six months ended June 30, 2014 . No gain or loss was recognized on any of the sales during the three or six months ended June 30, 2015 or June 30, 2014 . Investments in marketable securities classified as cash equivalents of $472,000 at June 30, 2015 and $321,000 at December 31, 2014 consist of the following: June 30, 2015 (In thousands) Cost Unrealized Gains Unrealized Losses Recorded Basis Corporate debt securities and certificates of deposit $ 472 $ — $ — $ 472 $ 472 $ — $ — $ 472 December 31, 2014 (In thousands) Cost Unrealized Gains Unrealized Losses Recorded Basis Corporate debt securities and certificates of deposit $ 321 $ — $ — $ 321 $ 321 $ — $ — $ 321 Cash and marketable securities held by foreign subsidiaries totaled $904,000 at June 30, 2015 and $1,095,000 at December 31, 2014 . |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | DERIVATIVES: We enter into foreign exchange forward contracts to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies associated with our subsidiary in Singapore. These transactions are designated as cash flow hedges and are recorded in the accompanying balance sheet at fair value. The effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. Hedge ineffectiveness and the amounts excluded from effectiveness testing recognized in earnings on cash flow hedges were not material for the three and six month periods ended June 30, 2015 and June 30, 2014 . The maximum length of time over which we hedge our exposure to the variability in future cash flows is 12 months . Accordingly, at June 30, 2015 and December 31, 2014 , all of our open foreign exchange forward contracts had maturities of one year or less. The dollar equivalent gross notional amount of our foreign exchange forward contracts designated as cash flow hedges was approximately $4.6 million at June 30, 2015 and $7.1 million at December 31, 2014 . Reclassifications of amounts from accumulated other comprehensive loss into earnings include accumulated gains (losses) at the time earnings are impacted by the forecasted transaction. The location in the consolidated statements of operations and consolidated statements of comprehensive loss and amounts of gains and losses related to derivative instruments designated as cash flow hedges are as follows: Three Months Ended June 30, 2015 (In thousands) Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative Pretax Loss Recognized Cost of revenues $ 78 $ (75 ) Research and development 27 (26 ) Selling, general and administrative 18 (23 ) Total $ 123 $ (124 ) Three Months Ended June 30, 2014 (In thousands) Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative Pretax Gain Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss Cost of revenues $ 35 $ 2 Research and development 10 2 Selling, general and administrative 10 1 Total $ 55 $ 5 Six Months Ended June 30, 2015 (In thousands) Pretax Loss Recognized Pretax Loss Recognized Cost of revenues $ (65 ) $ (187 ) Research and development (22 ) (61 ) Selling, general and administrative (18 ) (58 ) Total $ (105 ) $ (306 ) Six Months Ended June 30, 2014 (In thousands) Pretax Gain Recognized Pretax Loss Recognized Cost of revenues $ 45 $ (18 ) Research and development 14 (7 ) Selling, general and administrative 12 (7 ) Total $ 71 $ (32 ) Amounts recorded in accumulated other comprehensive loss for the after tax net unrealized loss associated with cash flow hedging instruments was $211,000 at June 30, 2015 and $412,000 at December 31, 2014 . We expect to reclassify the June 30, 2015 pretax unrealized loss of $155,000 recorded in accumulated other comprehensive loss to earnings over the next 12 months with the impact offset by cash flows from underlying hedged items. The fair value of our foreign exchange forward contracts representing losses in the amount of $128,000 at June 30, 2015 and $352,000 at December 31, 2014 has been recorded in accrued expenses. Additional information with respect to the impact of derivative instruments on other comprehensive income (loss) is included in Note 11. Additional information with respect to the fair value of derivative instruments is included in Note 5. Our foreign exchange forward contracts contain credit risk to the extent that our bank counter-parties may be unable to meet the terms of the agreements. We minimize such risk by limiting our counter-parties to major financial institutions. We do not expect material losses as a result of defaults by other parties. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS: We determine the fair value of our assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. We use a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1). The next highest priority is based on quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in non-active markets or other observable inputs (Level 2). The lowest priority is given to unobservable inputs (Level 3). The following provides information regarding fair value measurements for our marketable securities and foreign exchange forward contracts as of June 30, 2015 and December 31, 2014 according to the three-level fair value hierarchy: Fair Value Measurements at (In thousands) Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities: U.S. government and agency obligations $ 9,342 $ — $ 9,342 $ — Corporate debt securities and certificates of deposit 3,273 — 3,273 — Asset backed securities 1,250 — 1,250 — Equity security 79 79 — — Total marketable securities $ 13,944 $ 79 $ 13,865 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 128 $ — $ 128 $ — Fair Value Measurements at (In thousands) Balance December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities: U.S. government and agency obligations $ 9,139 $ — $ 9,139 $ — Corporate debt securities and certificates of deposit 3,772 — 3,772 — Asset backed securities 2,156 — 2,156 — Equity security 107 107 — — Total marketable securities $ 15,174 $ 107 $ 15,067 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 352 $ — $ 352 $ — During the six months ended June 30, 2015 and the year ended December 31, 2014 there were no transfers within the three level hierarchy. A significant transfer is recognized when the inputs used to value a security have been changed which merit a transfer between the disclosed levels of the valuation hierarchy. The fair value for our U.S. government and agency obligations, corporate debt securities and certificates of deposit and asset backed securities are determined based on valuations provided by external investment managers who obtain them from a variety of industry standard data providers. The fair value for our equity security is based on a quoted market price obtained from an active market. The fair value for our foreign exchange forward contracts is based on foreign currency spot and forward rates obtained from reputable financial institutions, with resulting valuations periodically validated by obtaining foreign currency spot rate and forward quotes from other industry standard sources or third party or counterparty quotes. The fair value of our foreign exchange forward contracts representing losses in the amount of $128,000 as of June 30, 2015 and $352,000 as of December 31, 2014 has been recorded in accrued expenses. The carrying amounts of financial instruments such as cash equivalents, accounts receivable, other assets, accounts payable, accrued expenses and other liabilities approximate their related fair values due to the short-term maturities of these instruments. Non-financial assets such as equipment and leasehold improvements, goodwill and intangible assets are subject to non-recurring fair value measurements if they are deemed impaired. We had no re-measurements of non-financial assets to fair value during the six months ended June 30, 2015 or June 30, 2014 . |
Accounting For Stock-Based Comp
Accounting For Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Accounting For Stock-Based Compensation | ACCOUNTING FOR STOCK-BASED COMPENSATION: We have four stock-based compensation plans, including two stock incentive plans that are administered under the supervision of the Compensation Committee of the Board of Directors, and under which we have granted options and restricted stock units, an employee stock purchase plan administered by the Committee, and a Stock Grant Plan for Directors that provides for automatic grants. New shares are issued for all option exercises, upon vesting of restricted stock units, for share issuances to board members and for issuances under our employee stock purchase plan. Stock Incentive Plans As of June 30, 2015 , there are 819,062 shares of common stock reserved in the aggregate for issuance of awards to employees, officers and others under our two stock incentive plans. Although our Compensation Committee has authority to issue options, restricted stock, restricted stock units, share grants and other share based benefits under these plans, it has only issued restricted stock units and options under the plans during the past ten years. As of June 30, 2015 , there were 291,458 shares of common stock available for future awards that may be granted under these plans to employees, officers and others. Reserved shares underlying outstanding awards, including options and restricted shares, that are forfeited are available under our active plan for future grant. Stock Options Options are granted under our plans at an option price per share equal to or greater than the market value of our common stock on the date of grant. Generally, options granted to employees vest over a four -year period and expire seven years after the date of grant. The plans allow for option holders to tender shares of our common stock as consideration for the option price, provided that the tendered shares have been held by the option holder at least six months. The following is a summary of stock option activity for the six months ended June 30, 2015 : Options Outstanding Weighted Average Exercise Price Per Share Outstanding, December 31, 2014 578,901 $ 8.30 Granted — — Exercised (40,001 ) 7.36 Expired (58,000 ) 11.35 Forfeited — — Outstanding, June 30, 2015 480,900 $ 8.02 Exercisable, June 30, 2015 191,922 $ 7.97 The intrinsic value of an option is the amount by which the market price of the underlying stock exceeds its exercise price. For options outstanding at June 30, 2015 , the weighted average remaining contractual term of all outstanding options was 4.58 years and their aggregate intrinsic value was $1,122,000 . At June 30, 2015 , the weighted average remaining contractual term of options that were exercisable was 2.79 years and their aggregate intrinsic value was $ 525,000 . The aggregate intrinsic value of stock options exercised was $121,000 in the six months ended June 30, 2015 . We received proceeds from stock option exercises of $294,000 in the six months ended June 30, 2015 and $298,000 in the six months ended June 30, 2014 . No tax benefit was realized from the exercise of these stock options and no amounts were credited to additional paid-in capital. The total fair value of options that vested was $139,000 in the six months ended June 30, 2015 . Restricted Stock Units Restricted stock units are valued at a price equal to the fair market value of our common stock on the date of grant, vest over a four year period provided the employee is still working for the company and entitle the holders to one share of our common stock for each restricted stock unit. There were no restricted stock units granted in the three and six months ended June 30, 2015 . The aggregate fair value of outstanding restricted stock units based on the closing share price of our common stock on June 30, 2015 was $472,000 . The aggregate fair value of restricted stock units that vested, based on the closing share price of our common stock on the vesting date, was $71,000 in the six months ended June 30, 2015 . A summary of activity in non-vested restricted stock units for the six months ended June 30, 2015 is as follows: Non-vested restricted stock units Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2014 53,718 $ 7.43 Granted — — Vested (7,014 ) 7.06 Forfeited — — Non-vested at June 30, 2015 46,704 $ 7.49 Employee Stock Purchase Plan We have an Employee Stock Purchase Plan available to eligible U.S. employees. Under terms of the plan, eligible employees may designate from 1% to 10% of their compensation to be withheld through payroll deductions, up to a maximum of $6,500 in each plan year, for the purchase of common stock at 85% of the lower of the market price on the first or last day of the offering period. There were no shares issued under this plan in the six months ended June 30, 2015 or June 30, 2014 . As of June 30, 2015 , 131,602 shares remain available for future issuance under this plan. Stock Grant Plan for Non-Employee Directors Our stock grant plan for non-employee directors provides for automatic grants of 1,000 shares of our common stock to each of our non-employee directors upon their re-election to the Board of Directors. The plan allows for the issuance of up to 60,000 shares of our common stock and will expire on May 19, 2018. Share issuances under the stock grant plan for non-employee directors were 4,000 shares in the three months ended June 30, 2015 and 4,000 shares in the three months ended June 30, 2014. The shares issued in the three months ended June 30, 2015 had a fair market value on the date of grant equal to $41,000 (weighted average grant date fair value of $10.36 ). The shares issued in the three months ended June 30, 2014 had a fair market value on the date of grant equal to $32,000 (weighted average grant date fair value of $8.05 ). As of June 30, 2015 , 28,000 shares of common stock are reserved in the aggregate for future issuance under this plan. Stock Based Compensation Information All equity-based payments to employees and our non-employee directors, including grants of employee stock options and restricted stock units, are recognized as an expense in our consolidated statement of operations based on the grant date fair value of the award. We utilize the straight-line method of expense recognition over the award’s service period for our graded vesting options. The fair value of stock options granted has been determined using the Black-Scholes model. The compensation expense recognized for all equity based awards is net of estimated forfeitures, which are based on historical data. We have classified equity based compensation within our statement of operations in the same manner as our cash based employee compensation costs. Equity based compensation expense in the three months ended June 30, 2015 totaled $159,000 and includes $74,000 for stock option awards, $16,000 for our employee stock purchase plan, $28,000 for unvested restricted stock units and $41,000 for shares issued to our non-employee directors upon their re-election to our board in May 2015. Equity based compensation expense in the six months ended June 30, 2015 , totaled $276,000 and includes $148,000 for stock option awards, $31,000 for our employee stock purchase plan, $56,000 for unvested restricted stock units and $41,000 for shares issued to our non-employee directors. Equity based compensation expense in the three months ended June 30, 2014 totaled $153,000 and includes $80,000 for stock option awards, $10,000 for our employee stock purchase plan, $31,000 for unvested restricted stock units and $32,000 for shares issued to our non-employee directors upon their re-election to our board in May 2014. Equity based compensation expense in the six months ended June 30, 2014 totaled $261,000 and includes $150,000 for stock option awards, $18,000 for our employee stock purchase plan, $61,000 for unvested restricted stock units and $32,000 for shares issued to our non-employee directors. At June 30, 2015 , the total unrecognized compensation cost related to non-vested equity based compensation arrangements was $1,123,000 and the related weighted average period over which it is expected to be recognized is 2.35 years . |
Inventories And Warranties
Inventories And Warranties | 6 Months Ended |
Jun. 30, 2015 | |
Inventories And Warranties [Abstract] | |
Inventories And Warranties | INVENTORIES AND WARRANTIES: Inventories: (In thousands) June 30, 2015 December 31, 2014 Raw materials and purchased parts $ 6,859 $ 6,581 Work in process 592 503 Finished goods 5,363 4,573 Total inventories $ 12,814 $ 11,657 Warranty costs: We provide for the estimated cost of product warranties, which extend for periods from one to three years after purchase, at the time revenue is recognized. While we engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of component suppliers, warranty obligations are affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from our estimates, revisions to the estimated warranty liability would be required and could be material. Our warranty liability is included as a component of accrued expenses. At the end of each reporting period we revise our estimated warranty liability based on these factors. A reconciliation of the changes in our estimated warranty liability is as follows: Six Months Ended June 30, (In thousands) 2015 2014 Balance at beginning of period $ 839 $ 513 Accrual for warranties 287 618 Assumed in acquisition — 5 Warranty revision 10 2 Settlements made during the period (426 ) (439 ) Balance at end of period $ 710 $ 699 Deferred warranty revenue: The current portion of our deferred warranty revenue is included as a component of advance customer payments. A reconciliation of the changes in our deferred warranty revenue is as follows: Six Months Ended June 30, (In thousands) 2015 2014 Balance at beginning of period $ 475 $ 444 Revenue deferrals 212 166 Assumed in acquisition — 89 Amortization of deferred revenue (365 ) (191 ) Total deferred warranty revenue 322 508 Current portion of deferred warranty revenue (307 ) (421 ) Long-term deferred warranty revenue $ 15 $ 87 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Intangible Assets | INTANGIBLE ASSETS: Intangible assets consist of the following: June 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 2,656 $ (2,394 ) $ 262 $ 2,625 $ (2,338 ) $ 287 Software 206 (38 ) 168 206 (23 ) 183 Marketing assets and customer relationships 101 (15 ) 86 101 (10 ) 91 Non-compete agreements 101 (33 ) 68 101 (20 ) 81 $ 3,064 $ (2,480 ) $ 584 $ 3,033 $ (2,391 ) $ 642 Amortization expense for the three and six month periods ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Patents $ 27 $ 30 $ 56 $ 54 Software 8 7 15 9 Marketing assets and customer relationships 2 3 5 4 Non-compete agreements 7 6 13 7 $ 44 $ 46 $ 89 $ 74 Amortization of patents has been classified as research and development expense in the accompanying statements of operations. Estimated aggregate amortization expense based on current intangibles for the next five years is expected to be as follows: $81,000 for the remainder of 2015 , $148,000 in 2016 , $121,000 in 2017 , $70,000 in 2018 , $62,000 in 2019 and $62,000 in 2020 . Intangible and other long lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. An impairment loss would be recognized when future undiscounted cash flows expected to result from use of the asset and eventual disposition are less than the carrying amount. |
Significant Customers
Significant Customers | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Significant Customers | SIGNIFICANT CUSTOMERS: Export sales were 74% of revenue in the three months ended June 30, 2015 and 73% of revenue in the six months ended June 30, 2015 . Export sales were 78% of revenue in the three months ended June 30, 2014 and 76% of revenue in the six months ended June 30, 2014 . Virtually all of our export sales are negotiated, invoiced and paid in U.S. dollars. Export sales by geographic area are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Americas $ 201 $ 483 $ 269 $ 695 Europe 2,871 2,998 5,591 5,156 Asia 4,327 6,466 8,353 11,400 Other 144 353 241 373 Total export sales $ 7,543 $ 10,300 $ 14,454 $ 17,624 Our LaserAlign sensor family has historically accounted for a significant portion of our revenues and profitability. Our revenue, results of operations and cash flows would be negatively impacted if our LaserAlign customers are unsuccessful selling the products into which our sensors are incorporated, design their products to function without our sensors, purchase sensors from other suppliers, or otherwise terminate their relationships with us. We are dependent upon two customers, Juki and Assembleon, for a significant portion of our total revenue. For the six months ended June 30, 2015 , sales to Juki accounted for 13% of our total revenue and sales to Assembleon accounted for 11% of our total revenue. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | NET LOSS PER SHARE: Net loss per basic and diluted share is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Common equivalent shares, consisting of common shares to be issued upon exercise of stock options, restricted stock units and from participation in our employee stock purchase plan, as calculated using the treasury stock method, are excluded from the calculations of net loss per diluted share due to their anti-dilutive effect. The components of net loss per basic and diluted share are as follows: (In thousands except per share amounts) Net Loss Weighted Average Per Share Amount Three Months Ended June 30, 2015 Basic $ (761 ) 6,688 $ (0.11 ) Dilutive effect of common equivalent shares — — — Dilutive $ (761 ) 6,688 $ (0.11 ) (In thousands except per share amounts) Net Loss Weighted Average Per Share Amount Three Months Ended June 30, 2014 Basic $ (315 ) 6,547 $ (0.05 ) Dilutive effect of common equivalent shares — — — Dilutive $ (315 ) 6,547 $ (0.05 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Six Months Ended June 30, 2015: Basic $ (1,542 ) 6,682 $ (0.23 ) Dilutive effect of common equivalent shares — — — Dilutive $ (1,542 ) 6,682 $ (0.23 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Six Months Ended June 30, 2014: Basic $ (1,124 ) 6,527 $ (0.17 ) Dilutive effect of common equivalent shares — — — Dilutive $ (1,124 ) 6,527 $ (0.17 ) The calculation of diluted net loss per common share excludes 559,000 and 676,000 potentially dilutive shares for the three months ended June 30, 2015 and 2014 , and 566,000 and 723,000 potentially dilutive shares for the six months ended June 30, 2015 and 2014 because their effect would be anti-dilutive. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
Comprehensive Income (Loss) | COMPREHENSIVE INCOME (LOSS): There is no tax effect related to any of the items of other comprehensive income in the three and six months ended June 30, 2015 and 2014 . Reclassification adjustments are made to avoid double counting for items included in comprehensive income that are also recorded as part of net loss. Reclassifications to earnings related to cash flow hedging instruments are discussed in Note 4. Income taxes are not provided for foreign currency translation adjustments relating to permanent investments in international subsidiaries. We have recorded a valuation allowance against all of our United States and Singapore based deferred tax assets. Accordingly, we do not expect to record a tax provision for items of other comprehensive income until such time as the valuation allowance is substantially reduced. The effect of the reclassifications from comprehensive income to earnings by line item is as follows: Details about Components of Accumulated Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Unrealized gains (losses) on foreign exchange forward contracts $ (75 ) $ 2 $ (187 ) $ (18 ) Cost of revenues (26 ) 2 (61 ) (7 ) Research and development expenses (23 ) 1 (58 ) (7 ) Selling, general and administrative expenses (124 ) 5 (306 ) (32 ) Total before tax — — — — Income tax provision (benefit) $ (124 ) $ 5 $ (306 ) $ (32 ) Net of tax At June 30, 2015 and June 30, 2014 , components of accumulated other comprehensive loss is as follows: (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Foreign Exchange Forward Contracts Accumulated Other Comprehensive Loss Balances at December 31, 2014 $ (920 ) $ 61 $ (412 ) $ (1,271 ) Other comprehensive loss before reclassifications (171 ) (6 ) (105 ) (282 ) Amounts reclassified from accumulated other comprehensive loss — — 306 306 Total change for the period (171 ) (6 ) 201 24 Balances at June 30, 2015 $ (1,091 ) $ 55 $ (211 ) $ (1,247 ) (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Foreign Exchange Forward Contracts Accumulated Other Comprehensive Loss Balances at December 31, 2013 $ (456 ) $ 32 $ (116 ) $ (540 ) Other comprehensive income before reclassifications 167 12 71 250 Amounts reclassified from accumulated other comprehensive loss — — 32 32 Total change for the period 167 12 103 282 Balances at June 30, 2014 $ (289 ) $ 44 $ (13 ) $ (258 ) |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES: We recorded income tax expense of $40,000 in the six months ended June 30, 2015 , compared to $54,000 in the six months ended June 30, 2014 . At June 30, 2015 , we continue to have a valuation allowance recorded against all of our United States and Singapore based deferred tax assets. The valuation allowances may be reversed once our operations and outlook materially strengthen. Income tax expense in the three and six months ended June 30, 2015 and the three and six months ended June 30, 2014 , reflects minimal state income tax expense and foreign income tax expense associated with our subsidiaries in the United Kingdom and China. We currently have significant deferred tax assets as a result of temporary differences between taxable income on our tax returns and U.S. GAAP income, research and development tax credit carry forwards and federal, state and foreign net operating loss carry forwards. A deferred tax asset generally represents future tax benefits to be received when temporary differences previously reported in our consolidated financial statements become deductible for income tax purposes, or when net operating loss carry forwards are applied against future taxable income, or when tax credit carry forwards are utilized on our tax returns. We assess the realizability of our deferred tax assets and the need for a valuation allowance based on the guidance provided in current financial accounting standards. Significant judgment is required in determining the realizability of our deferred tax assets. The assessment of whether valuation allowances are required considers, among other matters, the nature, frequency and severity of any current and cumulative losses, forecasts of future profitability, the duration of statutory carry forward periods, our experience with loss carry forwards not expiring unused and tax planning alternatives. We have concluded that a valuation allowance is needed for all of our United States and Singapore based deferred tax assets due to our recurring losses and our near term financial outlook. In analyzing the need for a valuation allowance, we first considered our history of cumulative operating results for income tax purposes over the past three years in each of the tax jurisdictions where we operate, our financial performance in recent quarters, statutory carry forward periods and tax planning alternatives. Finally, we considered both our near and long-term financial outlook and timing regarding when we might return to profitability. After considering all available evidence both positive and negative, we concluded that a valuation allowance is needed for all of our U.S. and Singapore based deferred tax assets as of June 30, 2015 and December 31, 2014 . Deferred tax assets at June 30, 2015 include net operating loss carry forwards incurred in the UK by CyberOptics Ltd., which was acquired in 1999. A valuation allowance has not been recorded against these deferred tax assets. The utilization of these net operating loss carry forwards is dependent on CyberOptics Ltd.’s ability to generate sufficient UK taxable income during the carry forward period. Our 2012 income tax return for Singapore is currently being audited by the Inland Revenue Authority of Singapore. We do not presently anticipate that the outcome of this audit will have any impact on our financial position or results of operations. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | CONTINGENCIES: We are periodically a defendant in miscellaneous claims and disputes in the ordinary course of business. While the outcome of these matters cannot be predicted with certainty, management presently believes the disposition of these matters will not have a material effect on our financial position, results of operations or cash flows. In the normal course of business to facilitate sales of our products and services, we at times indemnify other parties, including customers, with respect to certain matters. In these instances, we have agreed to hold the other parties harmless against losses arising out of intellectual property infringement or other types of claims. These agreements may limit the time within which an indemnification claim can be made, and almost always limit the amount of the claim. It is not possible to determine the maximum potential amount under these indemnification agreements due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Historically, payments made, if any, under these agreements have not had a material impact on our operating results, financial position or cash flows. |
Recent Accounting Developments
Recent Accounting Developments | 6 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Developments | RECENT ACCOUNTING DEVELOPMENTS: In May 2014, the Financial Accounting Standards Board (FASB) issued guidance on the recognition of revenue from contracts with customers (Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers) . Revenue recognition will depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The guidance permits two methods of adoption: retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The FASB recently delayed the effective date of the standard by one year to January 1, 2018, with early adoption permitted as of the original effective date of January 1, 2017. We are currently evaluating the method of adoption and the impact of the new guidance on our consolidated financial statements. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, Preliminary Purchase Price Allocation | The purchase price allocation for our acquisition of LDI is as follows: (In thousands) Accounts receivable $ 662 Inventories 551 Equipment and leasehold improvements 1,507 Other assets 91 Intangible assets 573 Identifiable assets acquired 3,384 Accounts payable 640 Accrued expenses and advance customer payments 433 Liabilities assumed 1,073 Net identifiable assets acquired 2,311 Goodwill 797 Purchase price $ 3,108 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | The allocation of the purchase price resulted in recognition of the following identified intangible assets: (In thousands) Weighted Average Life-Years Software $ 206 7 Patent 165 7 Marketing assets and customer relationships 101 9 Non-compete agreements 101 4 $ 573 7 |
Unaudited Pro Forma Consolidated Financial Information | The following unaudited pro forma consolidated financial information presents our revenue and net loss as if the acquisition of LDI occurred on January 1, 2014. The unaudited pro forma consolidated financial information has been prepared for illustrative purposes only and does not purport to be indicative of the results that would have been achieved had the acquisition occurred on January 1, 2014, or of future results. The unaudited pro forma consolidated financial information does not reflect any operating efficiencies and cost savings that may be realized from integration of LDI. Three Months Ended June 30, Six Months Ended June 30, (In thousands, except per share amounts) 2015 2014 2015 2014 Revenue $ 10,254 $ 13,263 $ 19,799 $ 24,478 Net loss (761 ) (291 ) (1,542 ) (929 ) Basic and diluted loss per share $ (0.11 ) $ (0.04 ) $ (0.23 ) $ (0.14 ) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Marketable Securities [Abstract] | |
Schedule Of Marketable Securities | Our investments in marketable securities are classified as available-for-sale and consist of the following: June 30, 2015 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,718 $ 4 $ — $ 3,722 Corporate debt securities and certificates of deposit 1,526 1 — 1,527 Marketable securities – short-term $ 5,244 $ 5 $ — $ 5,249 Long-Term U.S. government and agency obligations $ 5,605 $ 16 $ (1 ) $ 5,620 Corporate debt securities and certificates of deposit 1,742 4 — 1,746 Asset backed securities 1,250 1 (1 ) 1,250 Equity security 42 37 — 79 Marketable securities – long-term $ 8,639 $ 58 $ (2 ) $ 8,695 December 31, 2014 (In thousands) Cost Unrealized Gains Unrealized Losses Fair Value Short-Term U.S. government and agency obligations $ 3,378 $ 2 $ — $ 3,380 Corporate debt securities and certificates of deposit 1,903 2 — 1,905 Marketable securities – short-term $ 5,281 $ 4 $ — $ 5,285 Long-Term U.S. government and agency obligations $ 5,761 $ 3 $ (5 ) $ 5,759 Corporate debt securities and certificates of deposit 1,867 1 (1 ) 1,867 Asset backed securities 2,156 1 (1 ) 2,156 Equity security 42 65 — 107 Marketable securities – long-term $ 9,826 $ 70 $ (7 ) $ 9,889 |
Schedule Of Marketable Securities Classified As Cash Equivalents | Investments in marketable securities classified as cash equivalents of $472,000 at June 30, 2015 and $321,000 at December 31, 2014 consist of the following: June 30, 2015 (In thousands) Cost Unrealized Gains Unrealized Losses Recorded Basis Corporate debt securities and certificates of deposit $ 472 $ — $ — $ 472 $ 472 $ — $ — $ 472 December 31, 2014 (In thousands) Cost Unrealized Gains Unrealized Losses Recorded Basis Corporate debt securities and certificates of deposit $ 321 $ — $ — $ 321 $ 321 $ — $ — $ 321 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Schedule Of Cash Flow Hedges | The location in the consolidated statements of operations and consolidated statements of comprehensive loss and amounts of gains and losses related to derivative instruments designated as cash flow hedges are as follows: Three Months Ended June 30, 2015 (In thousands) Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative Pretax Loss Recognized Cost of revenues $ 78 $ (75 ) Research and development 27 (26 ) Selling, general and administrative 18 (23 ) Total $ 123 $ (124 ) Three Months Ended June 30, 2014 (In thousands) Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative Pretax Gain Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss Cost of revenues $ 35 $ 2 Research and development 10 2 Selling, general and administrative 10 1 Total $ 55 $ 5 Six Months Ended June 30, 2015 (In thousands) Pretax Loss Recognized Pretax Loss Recognized Cost of revenues $ (65 ) $ (187 ) Research and development (22 ) (61 ) Selling, general and administrative (18 ) (58 ) Total $ (105 ) $ (306 ) Six Months Ended June 30, 2014 (In thousands) Pretax Gain Recognized Pretax Loss Recognized Cost of revenues $ 45 $ (18 ) Research and development 14 (7 ) Selling, general and administrative 12 (7 ) Total $ 71 $ (32 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts | The following provides information regarding fair value measurements for our marketable securities and foreign exchange forward contracts as of June 30, 2015 and December 31, 2014 according to the three-level fair value hierarchy: Fair Value Measurements at (In thousands) Balance Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities: U.S. government and agency obligations $ 9,342 $ — $ 9,342 $ — Corporate debt securities and certificates of deposit 3,273 — 3,273 — Asset backed securities 1,250 — 1,250 — Equity security 79 79 — — Total marketable securities $ 13,944 $ 79 $ 13,865 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 128 $ — $ 128 $ — Fair Value Measurements at (In thousands) Balance December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Marketable securities: U.S. government and agency obligations $ 9,139 $ — $ 9,139 $ — Corporate debt securities and certificates of deposit 3,772 — 3,772 — Asset backed securities 2,156 — 2,156 — Equity security 107 107 — — Total marketable securities $ 15,174 $ 107 $ 15,067 $ — Derivative instruments-liabilities: Foreign exchange forward contracts $ 352 $ — $ 352 $ — |
Accounting For Stock-Based Co25
Accounting For Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation [Abstract] | |
Schedule Of Stock Option Activity | The following is a summary of stock option activity for the six months ended June 30, 2015 : Options Outstanding Weighted Average Exercise Price Per Share Outstanding, December 31, 2014 578,901 $ 8.30 Granted — — Exercised (40,001 ) 7.36 Expired (58,000 ) 11.35 Forfeited — — Outstanding, June 30, 2015 480,900 $ 8.02 Exercisable, June 30, 2015 191,922 $ 7.97 |
Schedule Of Non-Vested Restricted Stock Activity | A summary of activity in non-vested restricted stock units for the six months ended June 30, 2015 is as follows: Non-vested restricted stock units Shares Weighted Average Grant Date Fair Value Non-vested at December 31, 2014 53,718 $ 7.43 Granted — — Vested (7,014 ) 7.06 Forfeited — — Non-vested at June 30, 2015 46,704 $ 7.49 |
Inventories And Warranties (Tab
Inventories And Warranties (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventories And Warranties [Abstract] | |
Schedule Of Inventory Components | Inventories: (In thousands) June 30, 2015 December 31, 2014 Raw materials and purchased parts $ 6,859 $ 6,581 Work in process 592 503 Finished goods 5,363 4,573 Total inventories $ 12,814 $ 11,657 |
Schedule Of Changes In Estimated Warranty Liability | A reconciliation of the changes in our estimated warranty liability is as follows: Six Months Ended June 30, (In thousands) 2015 2014 Balance at beginning of period $ 839 $ 513 Accrual for warranties 287 618 Assumed in acquisition — 5 Warranty revision 10 2 Settlements made during the period (426 ) (439 ) Balance at end of period $ 710 $ 699 |
Schedule Of Changes In Deferred Warranty Revenue | A reconciliation of the changes in our deferred warranty revenue is as follows: Six Months Ended June 30, (In thousands) 2015 2014 Balance at beginning of period $ 475 $ 444 Revenue deferrals 212 166 Assumed in acquisition — 89 Amortization of deferred revenue (365 ) (191 ) Total deferred warranty revenue 322 508 Current portion of deferred warranty revenue (307 ) (421 ) Long-term deferred warranty revenue $ 15 $ 87 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Schedule Of Intangible Assets | Intangible assets consist of the following: June 30, 2015 December 31, 2014 (In thousands) Gross Carrying Amount Accumulated Amortization Net Gross Carrying Amount Accumulated Amortization Net Patents $ 2,656 $ (2,394 ) $ 262 $ 2,625 $ (2,338 ) $ 287 Software 206 (38 ) 168 206 (23 ) 183 Marketing assets and customer relationships 101 (15 ) 86 101 (10 ) 91 Non-compete agreements 101 (33 ) 68 101 (20 ) 81 $ 3,064 $ (2,480 ) $ 584 $ 3,033 $ (2,391 ) $ 642 |
Schedule Of Amortization Expense For Intangible Assets | Amortization expense for the three and six month periods ended June 30, 2015 and 2014 is as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Patents $ 27 $ 30 $ 56 $ 54 Software 8 7 15 9 Marketing assets and customer relationships 2 3 5 4 Non-compete agreements 7 6 13 7 $ 44 $ 46 $ 89 $ 74 |
Significant Customers (Tables)
Significant Customers (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule Of Sales By Geographic Area | Export sales by geographic area are summarized as follows: Three Months Ended June 30, Six Months Ended June 30, (In thousands) 2015 2014 2015 2014 Americas $ 201 $ 483 $ 269 $ 695 Europe 2,871 2,998 5,591 5,156 Asia 4,327 6,466 8,353 11,400 Other 144 353 241 373 Total export sales $ 7,543 $ 10,300 $ 14,454 $ 17,624 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule Of Net Loss Per Basic And Diluted Shares | The components of net loss per basic and diluted share are as follows: (In thousands except per share amounts) Net Loss Weighted Average Per Share Amount Three Months Ended June 30, 2015 Basic $ (761 ) 6,688 $ (0.11 ) Dilutive effect of common equivalent shares — — — Dilutive $ (761 ) 6,688 $ (0.11 ) (In thousands except per share amounts) Net Loss Weighted Average Per Share Amount Three Months Ended June 30, 2014 Basic $ (315 ) 6,547 $ (0.05 ) Dilutive effect of common equivalent shares — — — Dilutive $ (315 ) 6,547 $ (0.05 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Six Months Ended June 30, 2015: Basic $ (1,542 ) 6,682 $ (0.23 ) Dilutive effect of common equivalent shares — — — Dilutive $ (1,542 ) 6,682 $ (0.23 ) (In thousands except per share amounts) Net Loss Weighted Average Shares Outstanding Per Share Amount Six Months Ended June 30, 2014: Basic $ (1,124 ) 6,527 $ (0.17 ) Dilutive effect of common equivalent shares — — — Dilutive $ (1,124 ) 6,527 $ (0.17 ) |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
The Effect Of The Reclassifications From Comprehensive Income (Loss) To Earnings | The effect of the reclassifications from comprehensive income to earnings by line item is as follows: Details about Components of Accumulated Other Comprehensive Loss Amount Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statements of Operations Three Months Ended Six Months Ended (In thousands) 2015 2014 2015 2014 Unrealized gains (losses) on foreign exchange forward contracts $ (75 ) $ 2 $ (187 ) $ (18 ) Cost of revenues (26 ) 2 (61 ) (7 ) Research and development expenses (23 ) 1 (58 ) (7 ) Selling, general and administrative expenses (124 ) 5 (306 ) (32 ) Total before tax — — — — Income tax provision (benefit) $ (124 ) $ 5 $ (306 ) $ (32 ) Net of tax |
Schedule Of Accumulated Other Comprehensive Loss | At June 30, 2015 and June 30, 2014 , components of accumulated other comprehensive loss is as follows: (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Foreign Exchange Forward Contracts Accumulated Other Comprehensive Loss Balances at December 31, 2014 $ (920 ) $ 61 $ (412 ) $ (1,271 ) Other comprehensive loss before reclassifications (171 ) (6 ) (105 ) (282 ) Amounts reclassified from accumulated other comprehensive loss — — 306 306 Total change for the period (171 ) (6 ) 201 24 Balances at June 30, 2015 $ (1,091 ) $ 55 $ (211 ) $ (1,247 ) (In thousands) Foreign Currency Translation Adjustments Available- for-Sale Securities Foreign Exchange Forward Contracts Accumulated Other Comprehensive Loss Balances at December 31, 2013 $ (456 ) $ 32 $ (116 ) $ (540 ) Other comprehensive income before reclassifications 167 12 71 250 Amounts reclassified from accumulated other comprehensive loss — — 32 32 Total change for the period 167 12 103 282 Balances at June 30, 2014 $ (289 ) $ 44 $ (13 ) $ (258 ) |
Acquisition (Narrative) (Detail
Acquisition (Narrative) (Details) - USD ($) | Mar. 14, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Business Acquisition [Line Items] | |||||||
Purchase of LDI | $ 0 | $ 3,108,000 | |||||
Amortization expense (less than $300) | $ (44,000) | $ (46,000) | (89,000) | (74,000) | |||
Goodwill, expected tax deductible period | 15 years | ||||||
Revenues | 10,254,000 | 13,263,000 | 19,799,000 | 23,098,000 | |||
Net income (loss) | (761,000) | (315,000) | (1,542,000) | (1,124,000) | |||
Acquisition costs | 117,000 | ||||||
Expense related to fair value adjustment for acquisition date inventories | 222,000 | 222,000 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition costs | $ 47,000 | ||||||
Laser Design Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase of LDI | $ 2,633,000 | ||||||
Liabilities assumed | 1,073,000 | ||||||
Purchase price adjustment allocated to intangible assets | $ 24,000 | ||||||
Purchase price adjustment allocated to goodwill | $ 46,000 | ||||||
Amortization expense (less than $300) | $ 300 | ||||||
Revenues | 1,705,000 | 1,659,000 | 2,946,000 | 2,176,000 | |||
Net income (loss) | $ (112,000) | $ (135,000) | $ (384,000) | $ (226,000) | |||
Laser Design Inc [Member] | Executive Officer [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Purchase of LDI | $ 475,000 |
Acquisition (Schedule of Busine
Acquisition (Schedule of Business Acquisitions, Preliminary Purchase Price Allocation) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Mar. 14, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 1,366 | $ 1,366 | |
Laser Design Inc [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 662 | ||
Inventories | 551 | ||
Equipment and leasehold improvements | 1,507 | ||
Other assets | 91 | ||
Intangible assets | 573 | ||
Identifiable assets acquired | 3,384 | ||
Accounts payable | 640 | ||
Accrued expenses and advance customer payments | 433 | ||
Liabilities assumed | 1,073 | ||
Net identifiable assets acquired | 2,311 | ||
Goodwill | 797 | ||
Purchase price | $ 3,108 |
Acquisition (Schedule of Finite
Acquisition (Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination) (Details) - Mar. 14, 2014 - Laser Design Inc [Member] - USD ($) $ in Thousands | Total |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 573 |
Intangible assets acquired, Weighted Average Life-Years | 7 years |
Software [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 206 |
Intangible assets acquired, Weighted Average Life-Years | 7 years |
Patents [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 165 |
Intangible assets acquired, Weighted Average Life-Years | 7 years |
Marketing Assets/Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 101 |
Intangible assets acquired, Weighted Average Life-Years | 9 years |
Non-compete agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Intangible assets acquired | $ 101 |
Intangible assets acquired, Weighted Average Life-Years | 4 years |
Acquisition (Unaudited Pro Form
Acquisition (Unaudited Pro Forma Consolidated Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Combinations [Abstract] | ||||
Revenue | $ 10,254 | $ 13,263 | $ 19,799 | $ 24,478 |
Net loss | $ (761) | $ (291) | $ (1,542) | $ (929) |
Basic and diluted loss per share (in usd per share) | $ (0.11) | $ (0.04) | $ (0.23) | $ (0.14) |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Gain (Loss) on Investments [Line Items] | |||||
Maximum maturity of debt securities, years | 5 years | ||||
Accumulated pre-tax unrealized gains for marketable securities | $ 61 | $ 61 | $ 67 | ||
Proceeds from sales of available-for-sale marketable securities | 300 | $ 154 | 716 | $ 3,154 | |
Cost | 472 | 472 | 321 | ||
Foreign Accounts [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Cash and marketable securities held in foreign accounts | 904 | 904 | 1,095 | ||
Debt Securities Unrealized Gain Position [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Fair value | 12,539 | 12,539 | 9,287 | ||
Accumulated pre-tax unrealized gains for marketable securities | 26 | 26 | 9 | ||
Debt Securities Unrealized Loss Position [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Fair value | 1,326 | 1,326 | 5,780 | ||
Accumulated pre-tax unrealized loss on marketable securities | 2 | 2 | 7 | ||
Corporate Debt Securities And Certificates Of Deposit [Member] | |||||
Gain (Loss) on Investments [Line Items] | |||||
Cost | $ 472 | $ 472 | $ 321 |
Marketable Securities (Schedule
Marketable Securities (Schedule Of Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Gain (Loss) on Investments [Line Items] | ||
Unrealized Gains | $ 61 | $ 67 |
Marketable Securities - Short-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 5,244 | 5,281 |
Unrealized Gains | 5 | 4 |
Unrealized Losses | 0 | 0 |
Fair Value | 5,249 | 5,285 |
Marketable Securities - Short-Term [Member] | US States Government And Agency Obligations [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 3,718 | 3,378 |
Unrealized Gains | 4 | 2 |
Unrealized Losses | 0 | 0 |
Fair Value | 3,722 | 3,380 |
Marketable Securities - Short-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,526 | 1,903 |
Unrealized Gains | 1 | 2 |
Unrealized Losses | 0 | 0 |
Fair Value | 1,527 | 1,905 |
Marketable Securities - Long-Term [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 8,639 | 9,826 |
Unrealized Gains | 58 | 70 |
Unrealized Losses | (2) | (7) |
Fair Value | 8,695 | 9,889 |
Marketable Securities - Long-Term [Member] | US States Government And Agency Obligations [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 5,605 | 5,761 |
Unrealized Gains | 16 | 3 |
Unrealized Losses | (1) | (5) |
Fair Value | 5,620 | 5,759 |
Marketable Securities - Long-Term [Member] | Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,742 | 1,867 |
Unrealized Gains | 4 | 1 |
Unrealized Losses | 0 | (1) |
Fair Value | 1,746 | 1,867 |
Marketable Securities - Long-Term [Member] | Asset-backed Securities [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 1,250 | 2,156 |
Unrealized Gains | 1 | 1 |
Unrealized Losses | (1) | (1) |
Fair Value | 1,250 | 2,156 |
Marketable Securities - Long-Term [Member] | Equity Security [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 42 | 42 |
Unrealized Gains | 37 | 65 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 79 | $ 107 |
Marketable Securities (Schedu37
Marketable Securities (Schedule Of Marketable Securities Classified As Cash Equivalents) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Gain (Loss) on Investments [Line Items] | ||
Cost | $ 472 | $ 321 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Recorded Basis | 472 | 321 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Cost | 472 | 321 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Recorded Basis | $ 472 | $ 321 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | ||||
Maximum length of time to hedge | 12 months | 1 year | ||
Foreign exchange gross notional amount | $ 4,600 | $ 7,100 | ||
Accumulated other comprehensive loss | 1,247 | 1,271 | $ 258 | $ 540 |
Pretax net unrealized loss recorded in accumulated other comprehensive loss to earnings | 155 | |||
Fair value of foreign exchange forward contracts, representing a loss | 128 | 352 | ||
Foreign Exchange Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Accumulated other comprehensive loss | $ 211 | $ 412 | $ 13 | $ 116 |
Derivatives (Schedule Of Cash F
Derivatives (Schedule Of Cash Flow Hedges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | $ 123 | $ 55 | $ (105) | $ 71 |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | (124) | 5 | (306) | (32) |
Cost of Sales [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 78 | 35 | (65) | 45 |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | (75) | 2 | (187) | (18) |
Research And Development [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 27 | 10 | (22) | 14 |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | (26) | 2 | (61) | (7) |
Selling and Marketing Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Pretax Gain Recognized in Other Comprehensive Income (Loss) on Effective Portion of Derivative | 18 | 10 | (18) | 12 |
Pretax Loss Recognized in Earnings on Effective Portion of Derivative as a Result of Reclassification from Accumulated Other Comprehensive Loss | $ (23) | $ 1 | $ (58) | $ (7) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Fair value of foreign exchange forward contracts, representing a loss | $ 128 | $ 352 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Measurements For Marketable Securities And Foreign Exchange Forward Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 13,944 | $ 15,174 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 128 | 352 |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 79 | 107 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 13,865 | 15,067 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 128 | 352 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Derivative instruments-liabilities: Foreign exchange forward contracts | 0 | 0 |
US States Government And Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,342 | 9,139 |
US States Government And Agency Obligations [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
US States Government And Agency Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 9,342 | 9,139 |
US States Government And Agency Obligations [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,273 | 3,772 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 3,273 | 3,772 |
Corporate Debt Securities And Certificates Of Deposit [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,250 | 2,156 |
Asset-backed Securities [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Asset-backed Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,250 | 2,156 |
Asset-backed Securities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Security [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 79 | 107 |
Equity Security [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 79 | 107 |
Equity Security [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
Equity Security [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Accounting For Stock-Based Co42
Accounting For Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of shares vested | $ 139,000 | |||
Weighted average grant date fair value (in usd per share) | $ 0 | |||
Equity based compensation expense | $ 159,000 | $ 153,000 | $ 276,000 | $ 261,000 |
Unrecognized compensation cost related to non-vested equity based compensation | $ 1,123,000 | $ 1,123,000 | ||
Unrecognized equity based compensation weighted average period | 2 years 4 months 7 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock reserved for stock based benefits (in shares) | 819,062 | 819,062 | ||
Number of shares available for future issuance (in shares) | 291,458 | 291,458 | ||
Vesting period | 4 years | |||
Expiration of stock options from date of grant | 7 years | |||
Weighted average remaining contractual term | 4 years 7 months | |||
Aggregate intrinsic value for all options outstanding | $ 1,122,000 | $ 1,122,000 | ||
Weighted average remaining contractual term for exercisable options | 2 years 9 months 15 days | |||
Aggregate intrinsic value of exercisable options | 525,000 | $ 525,000 | ||
Aggregate intrinsic value of exercised options | 121,000 | 121,000 | ||
Proceeds from exercise of stock options | 294,000 | 298,000 | ||
Equity based compensation expense | $ 74,000 | 80,000 | $ 148,000 | 150,000 |
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for future issuance (in shares) | 131,602 | 131,602 | ||
Maximum contribution per plan year | $ 6,500 | |||
Employees can purchase stock at the percentage rate of the lower of the market price on the first or last day of the offering period | 85.00% | |||
Equity based compensation expense | $ 16,000 | 10,000 | $ 31,000 | 18,000 |
Employee Stock Purchase Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 1.00% | |||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payroll deduction for employee stock purchase plan percentage | 10.00% | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Aggregate intrinsic value for all options outstanding | 472,000 | $ 472,000 | ||
Fair value of shares vested | $ 71,000 | |||
Restricted stock units to common stock ratio, shares entitled (in shares) | 1 | |||
Equity based compensation expense | $ 28,000 | $ 31,000 | $ 56,000 | 61,000 |
Stock Grant Plan For Non-Employee Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares of common stock reserved for stock based benefits (in shares) | 60,000 | 60,000 | ||
Number of shares available for future issuance (in shares) | 28,000 | 28,000 | ||
Number of shares granted for non-employee directors upon re-election (in shares) | 1,000 | |||
Issuances in period (in shares) | 4,000 | 4,000 | ||
Fair market value on grant date | $ 41,000 | $ 32,000 | $ 41,000 | $ 32,000 |
Weighted average grant date fair value (in usd per share) | $ 10.36 | $ 8.05 | ||
Equity based compensation expense | $ 41,000 | $ 32,000 | $ 41,000 | $ 32,000 |
Accounting For Stock-Based Co43
Accounting For Stock-Based Compensation (Schedule Of Stock Option Activity) (Details) - Jun. 30, 2015 - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Options Outstanding, Outstanding, December 31, 2014 (in shares) | 578,901 |
Options Outstanding, Granted (in shares) | 0 |
Options Outstanding, Exercised (in shares) | (40,001) |
Options Outstanding, Expired (in shares) | (58,000) |
Options Outstanding, Forfeited (in shares) | 0 |
Options Outstanding, Outstanding, June 30, 2015 (in shares) | 480,900 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Weighted-Average Exercise Price Per Share, Outstanding, December 31, 2014 (in usd per share) | $ 8.30 |
Weighted-Average Exercise Price Per Share, Granted (in usd per share) | 0 |
Weighted-Average Exercise Price Per Share, Exercised (in usd per share) | 7.36 |
Weighted-Average Exercise Price Per Share, Expired (in usd per share) | 11.35 |
Weighted-Average Exercise Price Per Share, Forfeited (in usd per share) | 0 |
Weighted-Average Exercise Price Per Share, Outstanding, June 30, 2015 (in usd per share) | $ 8.02 |
Options Outstanding, Exercisable, June 30, 2015 (in shares) | 191,922 |
Weighted-Average Exercise Price Per Share, Exercisable, June 30, 2015 (in usd per share) | $ 7.97 |
Accounting For Stock-Based Co44
Accounting For Stock-Based Compensation (Schedule Of Non-Vested Restricted Stock Activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Shares, Non-vested at December 31, 2014 (in shares) | 53,718 |
Shares, Granted (in shares) | 0 |
Shares, Vested (in shares) | (7,014) |
Shares, Forfeited (in shares) | 0 |
Shares, Non-vested at June 30, 2015 (in shares) | 46,704 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted Average Grant Date Fair Value, Non-vested at December 31, 2014 (in usd per share) | $ 7.43 |
Weighted Average Grant Date Fair Value, Granted (in usd per share) | 0 |
Weighted Average Grant Date Fair Value, Vested (in usd per share) | 7.06 |
Weighted Average Grant Date Fair Value, Forfeited (in usd per share) | 0 |
Weighted Average Grant Date Fair Value, Non-vested at June 30, 2015 (in usd per share) | $ 7.49 |
Inventories and Warranties (Nar
Inventories and Warranties (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2015 | |
Minimum [Member] | |
Inventory [Line Items] | |
Product warranties time frame | 1 year |
Maximum [Member] | |
Inventory [Line Items] | |
Product warranties time frame | 3 years |
Inventories And Warranties (Sch
Inventories And Warranties (Schedule Of Inventory Components) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventories And Warranties [Abstract] | ||
Raw materials and purchased parts | $ 6,859 | $ 6,581 |
Work in process | 592 | 503 |
Finished goods | 5,363 | 4,573 |
Total inventories | $ 12,814 | $ 11,657 |
Inventories And Warranties (S47
Inventories And Warranties (Schedule Of Changes In Estimated Warranty Liability) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 839 | $ 513 |
Accrual for warranties | 287 | 618 |
Assumed in acquisition | 0 | 5 |
Warranty revision | 10 | 2 |
Settlements made during the period | (426) | (439) |
Balance at end of period | $ 710 | $ 699 |
Inventories And Warranties (S48
Inventories And Warranties (Schedule Of Changes In Deferred Warranty Revenue) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Movement in Extended Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 475 | $ 444 | |
Revenue deferrals | 212 | 166 | |
Assumed in acquisition | 0 | 89 | |
Amortization of deferred revenue | (365) | (191) | |
Total deferred warranty revenue | 322 | 508 | |
Current portion of deferred warranty revenue | (307) | (421) | |
Long-term deferred warranty revenue | $ 15 | $ 87 | $ 26 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense, remainder of 2015 | $ 81 |
Amortization expense, 2016 | 148 |
Amortization expense, 2017 | 121 |
Amortization expense, 2018 | 70 |
Amortization expense, 2019 | 62 |
Amortization expense, 2020 | $ 62 |
Intangible Assets (Schedule Of
Intangible Assets (Schedule Of Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,064 | $ 3,033 |
Accumulated Amortization | (2,480) | (2,391) |
Net | 584 | 642 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,656 | 2,625 |
Accumulated Amortization | (2,394) | (2,338) |
Net | 262 | 287 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 206 | 206 |
Accumulated Amortization | (38) | (23) |
Net | 168 | 183 |
Marketing Assets/Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (15) | (10) |
Net | 86 | 91 |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101 | 101 |
Accumulated Amortization | (33) | (20) |
Net | $ 68 | $ 81 |
Intangible Assets (Schedule O51
Intangible Assets (Schedule Of Amortization Expense For Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 44 | $ 46 | $ 89 | $ 74 |
Patents [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | 27 | 30 | 56 | 54 |
Software [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | 8 | 7 | 15 | 9 |
Marketing Assets/Customer Relationships [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | 2 | 3 | 5 | 4 |
Non-compete agreements [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangibles | $ 7 | $ 6 | $ 13 | $ 7 |
Significant Customers (Narrativ
Significant Customers (Narrative) (Details) - Customer | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue, Major Customer [Line Items] | ||||
Revenue, export sales percentage | 74.00% | 78.00% | 73.00% | 76.00% |
Number of major customers (in customers) | 2 | |||
Juki [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk percentage | 13.00% | |||
Assembleon [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk percentage | 11.00% |
Significant Customers (Schedule
Significant Customers (Schedule Of Sales By Geographic Area) (Details) - Sales [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue, Major Customer [Line Items] | ||||
Total export sales | $ 7,543 | $ 10,300 | $ 14,454 | $ 17,624 |
Americas [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total export sales | 201 | 483 | 269 | 695 |
Europe [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total export sales | 2,871 | 2,998 | 5,591 | 5,156 |
Asia [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total export sales | 4,327 | 6,466 | 8,353 | 11,400 |
Other [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total export sales | $ 144 | $ 353 | $ 241 | $ 373 |
Net Loss Per Share (Schedule Of
Net Loss Per Share (Schedule Of Net Income Per Basic And Diluted Shares) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (761) | $ (315) | $ (1,542) | $ (1,124) |
Weighted Average Shares Outstanding, Basic (in shares) | 6,688 | 6,547 | 6,682 | 6,527 |
Per Share Amount, Basic (in usd per share) | $ (0.11) | $ (0.05) | $ (0.23) | $ (0.17) |
Weighted Average Shares Outstanding, Dilutive (in shares) | 6,688 | 6,547 | 6,682 | 6,527 |
Per Share Amount, Dilutive (in usd per share) | $ (0.11) | $ (0.05) | $ (0.23) | $ (0.17) |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Earnings per share, potentially dilutive shares (in shares) | 559 | 676 | 566 | 723 |
Comprehensive Income (Loss) (Th
Comprehensive Income (Loss) (The Effect Of The Reclassifications From Comprehensive Income (Loss) To Earnings) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Cost of revenues | $ (5,685) | $ (7,396) | $ (10,669) | $ (12,663) |
Research and development expenses | (1,913) | (2,396) | (3,902) | (4,403) |
Selling, general and administrative expenses | (3,295) | (3,730) | (6,676) | (7,009) |
Loss before income taxes | (741) | (302) | (1,502) | (1,070) |
Income tax provision (benefit) | 20 | 13 | 40 | 54 |
Net income (loss) | (761) | (315) | (1,542) | (1,124) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains (Losses) On Foreign Exchange Forward Contracts [Member] | ||||
Cost of revenues | (75) | 2 | (187) | (18) |
Research and development expenses | (26) | 2 | (61) | (7) |
Selling, general and administrative expenses | (23) | 1 | (58) | (7) |
Loss before income taxes | (124) | 5 | (306) | (32) |
Income tax provision (benefit) | 0 | 0 | 0 | 0 |
Net income (loss) | $ (124) | $ 5 | $ (306) | $ (32) |
Comprehensive Income (Loss) (Sc
Comprehensive Income (Loss) (Schedule Of Accumulated Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ (1,271) | $ (540) | ||
Other comprehensive loss before reclassifications | (282) | 250 | ||
Amounts reclassified from accumulated other comprehensive loss | 306 | 32 | ||
Other comprehensive income, net of tax | $ 437 | $ 150 | 24 | 282 |
Ending Balance | (1,247) | (258) | (1,247) | (258) |
Accumulated Translation Adjustment [Member] | ||||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (920) | (456) | ||
Other comprehensive loss before reclassifications | (171) | 167 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Other comprehensive income, net of tax | (171) | 167 | ||
Ending Balance | (1,091) | (289) | (1,091) | (289) |
Unrealized Losses On Available-for-sale Securities [Member] | ||||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 61 | 32 | ||
Other comprehensive loss before reclassifications | (6) | 12 | ||
Amounts reclassified from accumulated other comprehensive loss | 0 | 0 | ||
Other comprehensive income, net of tax | (6) | 12 | ||
Ending Balance | 55 | 44 | 55 | 44 |
Foreign Exchange Forward Contracts [Member] | ||||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (412) | (116) | ||
Other comprehensive loss before reclassifications | (105) | 71 | ||
Amounts reclassified from accumulated other comprehensive loss | 306 | 32 | ||
Other comprehensive income, net of tax | 201 | 103 | ||
Ending Balance | $ (211) | $ (13) | $ (211) | $ (13) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 20 | $ 13 | $ 40 | $ 54 |
Need for valuation allowance based on history of cumulative losses, years | 3 years |